HomeMy WebLinkAbout2006 11 16 Handout Given By Byron Giltz For Agenda Item 300
Date: November 16, 2006
The attached document was distributed to the
City Commission by Mr. Byron Giltz at the
November 16,2006 City Commission
Workshop, during the discussion of Regular
Agenda Item "300."
City of Winter Springs, Phase B Workshop, November 16, 2006,
for Employees Retirement Benefits.
I am Byron GUtz, one member of the 5 member Board of Trustees for the
Defined Benefit Plan and Trust for Employees of the City of Winter Springs
referred to as the "Plan".
This Plan originated on October 1, 1997 and was restated and adopted by the
City of Winter Springs City Commission on November 10,2003. No other changes
have been made to the Plan as of today, November 16,2006.
I understand that since around August 2006, this Commission and Mayor
have been looking into the Plan in great depth. I realize that workshop Phase A and
now workshop Phase B have exposed a lot of information to hopefully assist the
Commission and Mayor to decide on the future structure of the Plan or plans.
I, as one Board member, have shared my research, conference materials, and
experience with you and hope it was constructive and helpful.
If the Commission plans to amend the Plan to name the Commission as the
Retirement Committee, thus the Board of Trustees, that would be {"me, of course.
But, in the meantime, I think all parties should follow the Plan documents that are
in force today. In the interim, I would suggest joint Board of Trustees meetings to
be more efficient and prudent and still follow the Plan.
The following issues are ones that I think warrant discussion at this time. If
you agree, I would be happy to comment on whatever you wish.
1. Agenda
a. Input from Board of Trustees for Board meetings.
2. Board of Trustees retain and approve agreements with the following
professionals, who would work directly for the Plan:
a. Investment Consultant (in process)
b. Plan attorney
c. Plan actuary
d. Plan auditor, accountant
e. Investment advisor(s)
f. Custodian
3. Review of fiduciary liability and methods to minimize:
a. Proper methodology
b. Qualified professionals
c. Good communications
d. Reasonable expenses
e. Fiduciary liability insurance, including individuals
f. Waiver or indemnification from City
4. A thorough review of Local Law Plans and Chapter Plans with a plan attorney,
plan actuary, and investment consultant. See memo dated November 6, 2006.
5. Monthly Board of Trustees meetings in 2007, subject to Trustees approval.
6. Regular distribution and review of Plan's l"mancial data, at least quarterly, to the
Trustees.
7. Continued education for Trustees:
a. Florida Public Pension Trustees Association
b. State of Florida, Division of Retirement, Pension Conferences
c. Seminole County, Mayor - City Manager Group conferences.
8. Proceed with Phase C and Phase D of the City approved Resolution 2006-52, a
student methodology for the City's employees' retirement benefits.
Thank you for the time. I will try to address any comments or questions.
~
Byron Giltz